Strategic Storage Trust VI Acquires Land for Canadian Self-Storage Development

Strategic Storage Trust VI Inc., an affiliate of SmartStop Self Storage REIT Inc., a self-managed non-traded real estate investment trust, and SmartCentres Real Estate Investment Trust, a Canadian REIT, closed on the acquisition of a tract of land in Greater Toronto that the company’s limited partnership plans to develop into a self-storage facility.

Strategic Storage Trust VI and SmartCentres each own 50% of the limited partnership interests and 50% of the general partnership interests. At closing, they subscribed for 50% of the units of the limited partnership at an agreed upon subscription price of approximately $0.8 million CAD, representing a contribution equivalent to 50% of the purchase price of the land. The contribution was funded with proceeds from their public offering.

Strategic Storage Trust VI said that they expect the limited partnership will develop the land into a self-storage facility containing approximately 970 storage units totaling approximately 100,000 net rentable square feet. The project is expected to be funded with debt proceeds. The development is anticipated to be completed in the second half of 2024.

As Alts Wire previously reported, SmartStop Self Storage REIT announced that its affiliates, Strategic Storage Trust VI Inc. and Strategic Growth Trust III Inc., acquired an eight-facility self-storage portfolio in the Greater Toronto area totaling approximately 7,400 units and 758,000 rentable square feet for the equivalent of $228 million.

SmartStop is a self-managed REIT with an owned or managed portfolio managing 192 operating properties in 22 states and Canada, comprising approximately 135,000 units and 15.2 million rentable square feet.

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